Verizon to Cut 500 Jobs, Sell 274 Stores
The company reports second quarter results July 24
WASHINGTON, July 16, 2026 – Verizon is set to lay off about 500 corporate employees, a spokesperson said Thursday.
It’s the carrier’s latest round of layoffs under CEO Dan Schulman, after cutting a largest-ever 13,000 jobs last year and hundreds more in May. Barron’s reported Tuesday that the company was planning to announce a new round of layoffs this week.
Verizon will also sell about 274 retail stores to franchise owners that will continue to operate them. Those stores employ about 2,500 people.
The sale will become effective Aug. 16, at which point Verizon will own about 1,000 stores.
Schulman, already a Verizon board member, was brought on abruptly in October 2025. He’s been trying to compete more aggressively with the other big carriers for wireless subscribers.
Most recently, the company announced in June a new plan aimed at single-line subscribers. Called Verizon Simplicity, it’s supposed to be easier for customers to opt into or out of perks and add-ons.
Schulman has been clear he doesn’t want to rely as much on free phones to entice customers, and the Simplicity plan largely does away with that in favor of monthly fees if customers want to upgrade.
Verizon reports its second quarter results on Friday, July 24.
The layoffs were first reported by Reuters. A Verizon spokesperson confirmed the details to Broadband Breakfast.
